US-Iran Conflict Escalates: Attacks on Bases and Hormuz Tankers Spike Oil Prices

On July 29, 2026, Iranian forces launched missile attacks against a United States military base in Jordan and targeted three oil tankers in the Strait of Hormuz, ending a fragile truce between the two nations. The escalation coincided with a visit by Israeli Prime Minister Benjamin Netanyahu to the White House, where he described the alliance between Israel and Donald Trump as a "muro di granito" (wall of granite), according to RaiNews.

Iranian Missile Attacks on US Bases and Oil Tankers

The Islamic Revolutionary Guard Corps (Pasdaran) initiated a series of strikes targeting U.S. interests in the Middle East. According to reports from Sky TG24 and Corriere della Sera, Iranian missiles struck a U.S. military installation in Jordan. These strikes were characterized as a surprise attack, according to La Repubblica.

Simultaneously, Iran targeted maritime assets in the Strait of Hormuz. ANSA reports that three oil tankers were attacked in the strategic waterway, a move that triggered an immediate reaction in global energy markets. The combination of the base attack in Jordan and the maritime strikes led to a sharp increase in crude oil prices, according to ANSA and La Repubblica.

The United States responded with military action. Sky TG24 reports that the U.S. conducted raids in Iraq as part of the immediate counter-response to the Iranian aggression.

Netanyahu White House Visit and Trump Alliance

The military escalation occurred while Israeli Prime Minister Benjamin Netanyahu was visiting the White House. During the visit, Netanyahu emphasized the strength of the bilateral relationship with Donald Trump. RaiNews reports that the Prime Minister described the alliance with Trump as a "muro di granito", or a wall of granite, signaling a firm strategic alignment between the two leaders amid the regional instability.

Impact on Global Crude Oil Prices

The instability in the Strait of Hormuz, a critical chokepoint for global petroleum shipments, caused a spike in oil markets. Both ANSA and La Repubblica report that crude oil prices jumped following the confirmation of attacks on tankers and the U.S. base in Jordan. Market analysts typically link price volatility in this region to the threat of disrupted supply chains through the Hormuz strait.

Status of the US-Iran Truce

Prior to the events of July 29, 2026, a fragile truce had been in place between the United States and Iran. Corriere della Sera reports that this truce is now faltering following the launch of missiles against U.S. positions.